The joint venture with Algodoal signals PME's intent to target new sectors through collaboration and new event launches.
Last month, PME managing director Andy Center headed up a management team backed by private equity fund Northern Venture Managers (NVM) and corporate finance firm Livingstone Guarantee to acquire the company from US-based Penton Media for an undisclosed amount.
The deal with Algodoal will result in the launch of the Ethnic & Speciality Exhibition scheduled to take place at Excel London from 23-24 November and backed by The World Food Club.
"The UK ethnic foods market is the largest in Europe so it makes sense to bring this concept to the capital," said Center. "We are looking to shape a new type of mid-sized exhibition business and expand into sectors that complement our existing IT, Internet and leisure portfolio."
PME also beat off competition to run this year's Saltex event for a third time on behalf of The Institute of Groundsmanship. The show for sports, amenities and landscaping takes place at Windsor Racecourse from 6-8 September.
The new management team at PME, comprising chief operating officer Jonathan Wood, commercial director Phil Nelson, divisional director Michael Westcott, marketing director John Soane, group event director Mark Napier and head of human resources Celia Guy, owns 65% of the business. Penton has kept a 10% investment stake and 25% is held by NVM.